Just curious of what people do for passive incomes, given that bank interest rates are pretty low.
Cheers.
Who Here Has a Passive Income? if So What Is It?
nomunny on 21/10/2017 - 17:57
Comments
I've heard of people running them on raspberry pi's, not sure if this or the cloud option would be cheaper in the long run (i.e. $70 for a raspberry pi, and very little electricity running costs to keep it running 24/7).
I tried this for a while. I had a rPI3 and some rPI2's doing it. I found it too unreliable. They'd dropout and freeze sometimes, and any maintenance/downtime is just not worth it. You can get free/cheap VPCs to host it. And yeah, I just rent them.
Living room of satoshi is an interesting concept and I think it could be useful for paying BPAY bills using Bitcoin. However I read that they have about a 10% fee in converting your bitcoin back to fiat. Is there any truth in this?
Yeah, there are no 'fees', but they profit from the exchange rate. And yes, it's cheaper to use other means, I pay a little for convenience.
Also, there's no need for identity verification with LoS, if that's useful to you.Re: Crypto mining
Yep, totally agree with what you said. Besides, summer is coming! You also become a neg-magnet if you post about mining on ozbargain lol.
any hint on where to get free/cheap VPCs to host it?
would there be a risk of losing coins?@hendyb: free -> ec2 t2.micro
Cheap (and easier): linode (look for $20 referral credits, refer yourself for new accounts if you want to)Secure your server properly, keep a backup of your wallet, and your coins should be relatively safe.
About 120kpa from a combination of ETFs, REITs, LICs and property.
This guy invests
If that is your return, what is your investment?!
actually its closer to 160k, 120k is the cashflow but some of that is paying loan principle as some of my loans are p&i
anyway average return rate is maybe 5% so work backwards from there
2.4mil nice, plus the property value appreciation
I recently started with cryptocurrency, mainly Bitcoin. There is a system in place that returns 40% ROI (ROI = return on investment).
I put in $1000 (min $80) and in 140 working days, I will have $1400 plus the additional profit of the Bitcoin going up and using compound interest, i get higher returns.
It's super easy and I'm surprised not any people know about it.
Happy to explain or answer any questions.
Have those 140 days been up yet? I’d be counting day 140 as the day you realise someone has taken all your bitcoin and you’ve been scammed…
I'm sorry but this definitely sounds like a scam. Be careful out there.
I am surprise to this day how everyone jumps to conclusions without asking… Rather immature and rude in a way.
To answer, I watched a friend's account for 9 months as I thought the same thing at the star (scam, pyramid etc)
I do my due diligence, I check where my money is going…I watched him draw $1.5k out, in commission from the ROI, right there and then into his bank account.
It pays the ROI daily until 140% is achieved, which you can then reinvest or pull out.
I wouldn't put my money unless I did my homework.
But hey, I shared my thoughts.Oh no, It's not USI TECH is it?
Of course it is.
Just curious how you came to the conclusion that you cannot get the investment back?Just curious how you came to the conclusion that you cannot get the investment back?
I never said that, however, there is a lot of red flags.
- The owners have been involved in scams prior
- Extremely good promised returns
- Pyramid MLM referral system
- Shell company in UAE that does not exist (registration #ICC20160282 does not exist)
It sounds like a ponzi
You CAN get your investment back, people can make good money from a ponzi but most do not because of greed.
@owli: yeah, my close friend met the owners and spent a week in Malta recently.
From what they are saying, it's pretty legit and now brought up to international laws.
Moving to Amazon servers in a few weeks.The pyramid scheme has a bad rep from Herbalife/Amway etc.. "Pyramid" it's still is a system where people straight away assume scam when in reality it is just a system. Same with anything else where you recommend a place to someone and you get a perk for doing so.
I am not working on the pyramid method, just investing and getting the 40% ROI. You can:
1- 40% ROI invest only
2- 40% ROI and referral commissionI went in, like any investment money, accepting if I lose the money. So far, so good.
Don't really care where it is registered as long as it works :) From what I have seen with others, it does.
There is a lot of "it sounds" "it seems" but no one has said "it is".
I tried it with 1 pack to see, Kinda regretting not doing this earlier.@Elias11: A pyramid scheme and a ponzi scheme are not the same thing, and this does indeed sound like a ponzi scheme. I'd recommend taking a look at this https://en.wikipedia.org/wiki/Ponzi_scheme for a bit more information, I work in the industry (government related financial/fraud/scam enforcement) and have seen this play out.
Any idiot can make money in a rising market (I certainly have).
You're getting ROI now because crypto is going up. When it corrects, your scammers will vanishwhy not ride the wave up? :P
the way this company works/runs, it makes it extremely difficult to 'run' but I ain't saying it is not possible.Especially when the owners are too loaded to stop even before they opened
Buying websites from Flippa for about a 10 months profit multiple. It requires some technical knowledge and some skill to weed out scams. It takes a few weeks to transfer it to your own server, make sure it's all working and change the ads to your own, but after that it's passive.
I leave them for years without managing them much. If it goes to plan, I make my investment back after about 10 months, and then any future months are passive profit. To be passive means to practically ignore the website after getting it set up, so income will generally trend down over time, but it's still good.
Hi there, a passion of mine has been reading tarot cards and I have a relatively new youtube channel where I speak about the meaning of each card. It's netting me just a couple of cents a day but is growing as I get more subscribers and add more videos. The best thing is that these videos will stay up as long as youtube exists and the cents will just keep flowing in LOL
https://www.youtube.com/channel/UCp5amA6tzh_aCpoYYUGfKNg
TLDR: youtube channel makes little money but is passive after initial investment of time and effort.
I dont actively trade the markets. does that count as 'passive' income? lol
mostly currencies (fiat and crypto)
sometimes options.i still have a day job though that's why i consider it as passive
Same, I just do what my boss tells me, easy stuff, passive.
I mine bitcoin. Make about 300 a week.
Before or after power bills?
Power is about 14 dollars per day. So 220.
At its peak the same systems would make 900 per week.
You're probably only actually making $150 a week after all things considered. And that's not passive in the slightest.
Kind of reminds me of the Uber driver ploy.
You have no idea.
I gave you the sums above, the power cost per week is 80 dollars, not to mention the soaring price of bitcoin dragging up the value of previously mined coins.
That's why I'm swimming in Bitcoin, BCH, Bitcoin Gold and ethereum.
Oh and I also have a passive income making hobby…
Because I'm the one who has no idea!
@josh676: You seem to think everyone has no idea. Weird.
"Swimming" = 1.5 BTC per year?
Bitcoin mining isn't passive. Though I'm sure you want to believe it is.
Take 1.5 and x it by your IQ, then you'll know exactly how much I have.
Can you please guide an absolute noob, how to get into Bitcoin mining and what are the costs involved?
Bitcoin mining involves buying a dedicated machine which can ONLY mine bitcoin. You then have several months of waiting for ROI on your hardware purchase. After this, you'll be profitable for a while ($300 a week ^) until eventually, the hardware is obsolete, and totally useless (can't even sell it; because at that point, all it can do is unprofitably mine bitcoin).
You can also mine altcoins on general purpose hardware (graphics cards). Same thing applies regarding ROI, but once it's unprofitable, you still have decent hardware which can perform other tasks (Gaming, AI, CAD, etc) which you can resell (I was lucky enough to sell some for a profit because to my surprise, GPUs became rare after I purchased (queue the downvotes)
Either way, you need to sell your mining profits as they come, for AUD. Otherwise, it's not worth it. If you want to obtain the crypto tokens as an investment, you are FAR better off buying them than mining them. Very important distinction there.
You can do it through Genesis Mining. You just buy a contract and don't need any hardware or anything.
https://www.genesis-mining.com/
I think bitcoin contracts are sold out right now, but may be coming back within the next week or so.
Difficulty rate going up means you're always at a constant need to upgrade.
It was good to begin but now the cost to return isn't viable.
You'll be lucky to ever make your money back off this, the difficulty will continue to increase to the point where fees cancel out the contract.
Holy (profanity), is that for real?
You pay them, to mine, then you expect to make money off them? hahahah. They're making money off you. They look like they're just taking your money and storing it for you in their banks.
I can't understand anyone who would pay a 24month fee for the purpose of "making money" out of nothing. Why do you think they'd not just run the machines themselves?
Doesn't anyone have even the slightest common sense any more?
I bought something on iherb for $23 in August and have earnt a bit over $300 from other people using my referral code. My referral code is just posted on the honey chrome extension site thing so I’m not doing anything to promote my code. (You can only cash out if you earn $300 a month so I just use my credit on purchasing things I need from iherb)
I bought an $80k car, its a licence to print money!
Enough
No, there can never be enough references to it. It's Ozbargain folklore!
I heard low carb MLM's are going good at the moment.
Surprised at all the talk about app development, I thought that ship had sailed ?
I made an IOS app for toddlers to practice writing letters, numbers and pictures. I think it's good and it got good feedback, but the installs are way too low (like 60 current installs), since it appears very low in the Play Store search.
It took me a week or a bit more of constant learning/work/trial-and-error to develop, debug and improve it.
$0 revenue to far, since I had trouble getting the ads working, and it's not worth having ads with so few installs. I paid $25 or so to become a developer.
Total Profit: -$25
Total Effort: >1 week
Benefits: Learned a new skillBy the way, developing on my old computer was annoyingly slow. Every small change needs to be recompiled, and recompiling is slow. To develop apps, you should have a good computer to minimize frustration from waiting.
I have a few YouTube videos, and they've got about 60k views in total, so if that was treated as a serious business, it may be better than apps.
IMO, it has; the barrier for entry into the apps market is very low, so lots of terrible programmers shovel terrible apps onto the app store. That said, niche market apps can still do well; for example, I see many iPad synth emulation / synth / music apps seemingly doing pretty well because they are bloody good value for money. Many are around the AUD$10 'impulse buy' area, yet are really well-programmed and sound great.
That aside, I have a mostly-passive stream of income with some desktop software. I've known my business partner for over 12 years, and have previously worked for him on a per-hour basis. A few years ago we came up with a different idea; I'd develop the next version of his software, and do a Mac version, for a weekly 'salary', but then pay this 'salary' back out of my share of the revenue. I'm on the hook for bug fixes, but often weeks go by before I have to do any work, and meanwhile - via a Saas-based payment system that I setup - people buy the software, and we've got a weekly report that shows how much I can invoice him for my share. It was bloody hard work at the time, and I'm not 100% convinced it was the best deal for me, however sometimes we get bulk purchases from a business, equating to some hundreds for me; most weeks there is 200-300 of regular income, I guess.
I have to thank one of the ozbargainers who told me about cryptocurrency. Instead of using my money to buy weekly lotto ticket, i bought crypto and boom! Triply my money. You mentioned that 3% per day is definitely possible, look at Ethereum which was $8 in 1/2017 and it went as high as $400, similar situation with Litecoin and Bitcoin. I'm not good at maths but i believe from $8 to $400 should be more than 3% per day?
I've always heard people talked about diversification, so yeah, i'm happy to lose 1% of my portfolio for high returns as mention before, i have higher chance in this than winning lotto. Would love to hear what other people's opinion about this.My opinion is that if you are setting aside 1% of your "investment budget" in a high risk/high return situation, and the rest of your portfolio is well managed, well sir you doing just fine.
*I don't actually have much knowledge about crypto, but I do like my investments, and there is always room for a small $ figure invested in something high risk in my portfolio. Think Incan matrimonial headmasks…
Glad that in principle, it's still sound to invest 1% of portfolio in high risk/return whether it be crypto, shares, real estate. Haha, i have to google "Incan matrimonial headmasks", thought i'd heard it before!
It has to crash some day, right now it's a currency full of speculators. Look around you right now, how many people are actually using bitcoin to purchase things? This chart: https://blockchain.info/charts/n-transactions?timespan=all - the number of bitcoin transactions isn't really increasing that much.
that is very true andysa, based on a lot of analyst from past bitcoin bubble patterns (there has been 2 crashes before) , it will top around $30-40k and huge crash. The key as a trader like myself is know when to buy low sell high (take profits) and from ozbargain, i've learned very well to buy things for very low or good price which comes in handy. My personal tip "Don't be too greedy"
Like others have said, I invest in Cryptocurrency. I mainly hold them (plan to for at least a year to 5 years), but I'm up 700% overall in a year.
Care to share which coins you holding now? I just got into cryptocurrencies for one month, invested 3k made 1k profit then put another 4k in, current holding NEO and SUB on a loss ..
For now, bitcoin is king, as it's like the usd of cryptocurrency, if you want to buy other altcoins, you have to go thru bitcoin most of the time. It's high price but the potential is also high, so i just keep at least 1 bitcoin. Also have Neo for the long term hodl, what i love about neo is that it's Ethereum of China, also it pays dividends which i reinvest to buy more Neo. im sure we all know when anything related with China is usually huge in scale eg Amazon vs Alibaba. I think crypto in general is still young and that's why not a lot ppl talk about it. But if it does go mainstream, 1 bitcoin will definitely be worth a lot more than what it is today (ignoring the fact that someone who bought 200 bitcoins a few years back when it was cheap are already millionaire). Also if internet was the first wave, social media second wave, i believe blockchain tech will be the third wave and the network effect will take it's course. Did anyone here made a fair bit of money from the fork a few days ago?
Sure. Majority of my big holds are Bitcoin, Vertcoin, Stratis, NEO and Stellar. My partner holds big in ripple, but it hasnt had a few good months, but who knows in a year. My next smaller holds are Etherum, NXT, Litecoin. Then for fun, I put a small amount ($100) into IOTA, OMG, BAT, LSK and FUN. I'm hearing good things about Zencash, so maybe i'll put something into that.
I watch it everyday, but I probably shouldn't. Theres been some few instances where I have made a big amount, so I take that out to cover my initial investment, so anything onwards from now, I'll be happy if I make money, and it won't be the end of the world if it all comes crashing down.
From my research, as soon as China unbans crypto, even with heavy regulation, NEO will shoot up in price. Stellars deal with IBM saw the price shoot up, but I expect big things from them. Rumours flying around about amazon accepting crypto could see the whole market go up, but again, they're just rumours.
If you are going to invest big (more than $1000), I highly suggest doing your own research. This is things like reading the whitepaper, looking at their website, reading up on the team/developers involved, see who else has invested with them. Checking their social media/slack/twitter/github etc to see how active they are. Check to see their roadmap, if they have a plan.
I'm Chinese myself and I've heard on Chinese Twitter that China most likely will reopen exchanges and unban icos, but again it's all just rumours…Keep your eyes on some quality China coins like NEO and WTC!
What wallet do you use to store these coins - hardware wallet like Ledger Nano? Having hard time finding a decent wallet to store the altcoins i.e Stellar etc.
@Obey:
Yep Nano ledger. They’re out of stock nearly everywhere now. Order one soon if you want one this month.Altcoins i just have an online wallet. If you go to reddit and check the subreddit of that coin, you’ll get a lot of helpful links to good wallet.
Bitcoin has Been fluctuating between $9800 and $10,000 this week. Not bad considering it’s up 10 times since last year. Could potentially crash back down to 5, but I’ll be buying more then!
ive got about $1320,000 on credit cards,… i have put it on a relatives Line of credit account that is offset and i collect around 5%
not bad, i make about $500 a month. But the main benefit is the forced savings, coz i have to pay the credit cards min amount still which is all savings at the end really….
now thats pretty much zero work, no risk, and no tax either…….
the person listing a blog, sheesh how much you gota write, then runing a business, yeah no thanks for $500 a month….
hey, don't get what u mean, care to elaborate more?
I have credit cards to the sum of $132,000 in debit as 0% balance transfers that I with drew and put on an offset account. It’s costing me the annual fee and sometimes s transfer fee. But with this cash I earn a lot more with an arrangement I’ve made with a relative. The interest in the money they would have had to pay to the bank I get instead and they take a small cut.
Ok, i think i know what you mean, it's like effectively someone borrowed you $132,000 with super low interest. But you used this money to make extra money somewhere else thru special arrangement. Sort of like a good debt.
yups, with zero risk and no tax… would have to be getting like 10% in the real world after tax to get that. Except you have to go through the pain of having to flip over to other cards once they end the 0% period. but its fine apart from that. And best of all its with money i didn't originally have…
@T1OOO: You're only not paying tax because you're avoiding it. Saving interest is tax free. Earning interest is not - whether it be a private arrangement or otherwise.
Yeah ur right. But unlike bank interest this isn’t automatically declared by the banks.
And mums the word , keep it on the QT ;-)
Thanks for the negative vote but.
I have credit cards to the sum of $132,000 in debit as 0% balance transfers that I with drew and put on an offset account. It’s costing me the annual fee and sometimes s transfer fee. But with this cash I earn a lot more with an arrangement I’ve made with a relative. The interest in the money they would have had to pay to the bank I get instead and they take a small cut.
which institutions do you go through? $130,000 is a heck of a lot for credit card.
Quite a few. Biggest is Citi bank. 50k. And 1.5% fee for 2 yrs at 0%. Then a few more and I hit up my nab ccs I have 38k on that one.
@T1OOO: wow, i'm doing something similar to you around $20k but yours is almost 7x of mine. The only work is that it has to be renewed once every 1 or 2 years but well worth the effort.
@T1OOO:
How exactly do you do that? How can you withdraw cash from credit cards without paying the daily interest rate immediately?
Most of the cards with 0% blanace transfer do not give cheque to yourselfWhen you transfer it to another cc with $0 dollar balance you become into credit then from that transfer it to your savings. When the transaction is all I positive it dosnt attract the cash advance fee as it’s your own money. City bank even offers to cut me a cheque this time!
Hi @T1OOO
But you would have took cash advance in first place with the first CC and then BT to second credit card is that how this is done???
Thanks for your insight
i dont understand,.. but i have a few credit cards… with zero balance (thats zero $) i dont owe any one at the start of all this.
so i then decide to get a balance transfer (money to me) for a debt i dont have. it goes into positive, i transfer that, and there is no fee associated with that since its in credit.
im never in actual debt really, one bank dosnt know that they are transferring into a card with credit, and like i said any transfer forma positive cc into a savings account dosnt attract the cash advance fee.
Thanks for taking time to explain this, but I am still baffled : (
Is this the steps you follow.
1) Apply CC say for $20k from ABC Bank, not spending any of that $20K then,
2) BT to XYZ bank’s CC - the same 20k from ABC bank – I was in the impression that you could only BT the debt you owe to the first bank.
3) Now in XYZ bank you would have credit balance of $20K is that right? And then transfer that $20k to your savings account?Sorry to bother you, the only reason I am annoying you is I have got a letter from one of the bank to apply for CC and I am eligible for CC from 5k to 20K limit. I read your comments and was thinking I could do the same if I knew the right steps.
this bit is wrong though :
"I was in the impression that you could only BT the debt you owe to the first bank."
nope , bank XYZ has no idea what you owe to bank ABC nor do they really care,….
the rest is correct.
Greatly appreciate for your advice and taking time to answer my Q.
One last thing to check with you is when I am completing the new CC form for XYZ bank I have to say that I want to BT $20K from ABC bank, is that right?
Thanks you again and appreciate your comments.
Do my my GTX 1080 Tis mining VTC count?
Lol, I think so, i think the definition of passive income is a tricky one, the last time someone gave me an example of passive income was earning interest when putting money in the bank, dividends and royalties from tv series, music, books but I suppose as long as minimal effort is involved, it can be counted. How about collecting rent from property that you own? Is that considered passive income?
Wasn't there a guy that suggested buying $1000's worth from Iconic, claiming the cashrewards $$, and returning the items just before 100 days?
(Thanks to him) Iconic have now reduced their 100 days return policy to 30 days.This is why we can't have nice things.
The list of passive income methods I know
- Youtube Channel
- Affiliation program
- eBook
- Online courses
- Investment - fund or stock
- Peer to peer lending
- eCommence store
- Become a silent partner
- Rent unused space
10.Blogging - Referral program
none of them are passive, nor most risk free. your time is the most important thing, initial creation is the killer.
Will come back to this thread when I have enough savings to make passive income.
this is the thread that says how to make passive income …….
Bank interest and other low risk diversified assets.
I think in the future we will see other things like Universal Basic Income because jobs are disappearing fast.
There isn't much work left to do in the world. As in not daily work (which would be AI-ed away), but the unproductive luxury entertainment areas. You can only make some many entertainment products and eventually it becomes pointless.
China is doing financial wizardry to force money into unproductive assets. However, eventually everything that needs to be done will be done. There will be a point where growth just stops.
Equities are a dangerous place to be in, at the moment, if you have been through many recessions. I've lived through at least 10.
What I would suggest is create your own "basic income" guaranteed from bank interest and if and only then you should start investing in equities. Doing otherwise just leaves you in the problematic situation where you might lose enough that you'll be stuck worrying about whether you'll have a job or have to rely on the dole queue (since you have probably quit your job due to thinking you have passive income).
Re: Altcoin Masternodes
Agree with you mostly on point #2 - I've made a similar post on running altcoin masternodes above.
Interested in how you have set up your masternodes to run on a cloud server. Do you mean you just rent VMs and install the required wallets on those machines?
I've heard of people running them on raspberry pi's, not sure if this or the cloud option would be cheaper in the long run (i.e. $70 for a raspberry pi, and very little electricity running costs to keep it running 24/7).
Living room of satoshi is an interesting concept and I think it could be useful for paying BPAY bills using Bitcoin. However I read that they have about a 10% fee in converting your bitcoin back to fiat. Is there any truth in this?
If so, wouldn't it be better to sell your altcoins on exchanges back to bitcoin (0.25% trading fee), then sell the bitcoin on BTCMarkets or Independent Reserve (0.7% trading fee) back to $AUD, therefore resulting in ~1% in fees?
Re: Crypto mining
I don't think traditional PoW mining rigs are a viable option for anyone in Australia anymore, with our costs of electricity. It's hard to compete with economies of scale such as the large mining operations in China, and like you said by the time you have bought and set up the hardware it could be obsolete.